NPA
A former financial advisor, Stephanus Johannes Janse Van Rensburg (68), pleaded guilty at the Port Elizabeth Specialised Commercial Crimes Court on Tuesday to nine counts of theft which amount to R 1 874 370 million.
Janse van Rensburg handed himself over to police in February this year and spent two nights in prison before being granted bail.
National Prosecuting Authority spokesperson Anelisa Ngcakani says between 2008 and 2015, Janse van Rensburg sold nine second-hand policies to his now-deceased client, Esther Adendorff.
According to the charge sheet, a 'second-hand policy' conventionally refers to a policy that has been ceded absolutely to an independent third party on the traded policy market or the rights or ownership of these policies were transferred to someone else.
Ngcakani says Janse van Rensburg, who was a financial broker, convinced his client to purchase existing Old Mutual and Momentum policies from third parties.
Esther Adendorff made 15 payments during the seven years, amounting to R1 874 370.
The accused then furnished his client with a summary of her portfolio every year and even supplied her with copies of the ceded policies for tax purposes.
When Mrs Adendorff passed away her son, Ralph, took over her estate and requested documents related to these policies.
The Hawks became involved in the matter and established that the policies were never transferred or registered in Adendorff's name.
In fact, the policies never originally belonged to any particular individuals.
The matter was postponed to the 4th of October for sentencing proceedings.
